Northeast

Colliers Arranges $19.6M Sale of Mixed-Use Building in Boston

by David Cohen March 5, 2019

BOSTON — Colliers has arranged the $19.6 million sale of a mixed-use property in Boston’s Downtown Crossing neighborhood. Located at 29-35 Temple Place, the recently renovated property consists of 42, short-term housing units as well as ground-floor retail currently leased to Democracy Brewing, a restaurant and brewery. Christopher Sower, Bruce Lusa, Jonathan Bryant, John Flaherty, Maggie Collins and Patrick Boyle of Colliers represented the buyer, Premier Capital Partners, in the transaction. The seller was undisclosed.

March 5, 2019

Acquisitions Multifamily New York Northeast

Meridian Negotiates $8.6M Sale of Apartment Building in the Bronx

by David Cohen March 5, 2019

NEW YORK CITY — Meridian Investment Sales has negotiated the $8.6 million sale of an apartment building in the Bedford Park neighborhood of the Bronx. Located at 215 E. 197th St., the five-story property was built in 1923 and contains 52 apartments. Amit Doshi and Shallini Mehra of Meridian represented the undisclosed seller in the transaction. The buyer was also undisclosed.

March 5, 2019

Connecticut Loans Northeast Retail

WAC Provides $3.5M Bridge Loan for Retail Property in Connecticut

by David Cohen March 5, 2019

FAIRFIELD COUNTY, CONN. — Worth Avenue Capital has provided a $3.5 million bridge loan for a 16-acre retail development in Fairfield County. The property will feature a tenant roster that includes Chick-Fil-A, T-Mobile, Panera Bread, Mission Barbecue, Cafe Nero and Texas Roadhouse. The project will also include a new Marriot-branded hotel. The borrower, an undisclosed development group, is in the process of finalizing permanent construction financing through a commercial bank.

March 5, 2019

Acquisitions Massachusetts Multifamily Northeast

Marcus & Millichap Brokers $2.4M Sale of Multifamily Building Near Boston

by David Cohen March 5, 2019

DORCHESTER, MASS. — Marcus & Millichap has brokered the $2.4 million sale of a multifamily building in Dorchester. Located at 12 Lyndhurst St., the 12-unit property consists of six one-bedroom and six two-bedroom units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap’s Boston office represented the undisclosed seller in the transaction. The buyer was also undisclosed.

March 5, 2019

Acquisitions Connecticut Development Northeast

Lyman Real Estate Orchestrates Sale of Three Development Sites in Connecticut

by David Cohen March 5, 2019

MONTVILLE, CONN. — Lyman Real Estate has arranged the sale of three abutting parcels of land in Montville. The sales price was undisclosed. The largest parcel, .65 acres, is located at 2260 Route 32. It abuts a nearly half-acre parcel on 11 Gallivan Lane and an even smaller parcel behind it on Meadow Lane. Ron Lyman of Lyman Real Estate represented the seller, Steven Lombardi of Moosup, in the transaction. Joanna Konicki of William Pitt Sotheby’s International Realty represented the buyer, Yost Holdings LLC.

March 5, 2019

Acquisitions Northeast Pennsylvania Retail

Marcus & Millichap Brokers $3.1M Sale of Retail Property in Altoona, Pennsylvania

by David Cohen March 5, 2019

ALTOONA, PA. — Marcus & Millichap has brokered the $3.1 million sale of a 6,220-square-foot retail property in Altoona. Located at 100 Sheraton Drive, the property is currently net leased to Outback Steakhouse. Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the buyer, a limited liability company, in the transaction. The seller was undisclosed.

March 5, 2019

Industrial Loans New Jersey Northeast

Cushman & Wakefield Arranges $51.5M Refinancing for Two Distribution Properties in New Jersey

by David Cohen March 5, 2019

NORTH BERGEN, N.J. — Cushman & Wakefield has arranged a $51.5 million loan to refinance two distribution centers in North Bergen. The properties are located at 5903 and 7300 Westside Ave. Originally constructed for Liz Claiborne in 1987, 5903 Westside Ave. is a four-story, 600,000-square-foot industrial warehouse utilized as a fashion logistics center by Bergen Logistics. 7300 Westside Ave. is a single-story, 130,000-square-foot industrial warehouse also owned and operated by Bergen Logistics. Cushman & Wakefield’s Equity, Debt & Structured Finance group secured the financing on behalf of the borrower, Bergen Shippers Corp. The lender was JP Morgan Chase. Funds will be used to refinance current debt, with additional proceeds for equipment financing and the construction of a new logistics warehouse on a portion of the parking lot at 5903 Westside Ave.

March 5, 2019

Loans New York Northeast Office

PCCP Provides $152M Refinancing for Office Building in Brooklyn

by David Cohen March 5, 2019

NEW YORK CITY — PCCP has provided a $152 million senior loan to refinance The Pioneer Building, a 270,000-square-foot, 10-story office property in Brooklyn. Located at 41 Flatbush Ave., the former warehouse/storage facility was constructed in 1896 and was converted to a creative office space after it was acquired in 2014 by a joint venture of Quinlan Development Group and Building and Land Technology. As part of the renovation, Quinlan and BLT updated the building’s façade and installed elevators, a modern HVAC system, windows and a landscaped rooftop amenity. PCCP provided the loan to Quinlan and BLT. Terms of the financing were undisclosed.

March 5, 2019

Industrial Leasing Activity Massachusetts Northeast

Nypro Signs 247,060 SF Industrial Lease in Devens, Massachusetts

by David Cohen March 5, 2019

DEVENS, MASS. — Nypro Inc. has signed a 247,060-square-foot lease renewal and expansion at 112 Barnum Road in Devens. The 402,249-square-foot manufacturing facility was constructed in 2008 and is located within the Devens Industrial Park. Nypro Inc. expanded its lease from 215,790 square feet to 247,060 square feet. J.R. McDonald, Torin Taylor and Ross Gaudet of NKF represented the property ownership group, Artemis Real Estate Partners, Drake Real Estate Partners and Pacer Partners, in the transaction.

March 5, 2019

Acquisitions Multifamily New York Northeast Top Stories

CBRE Negotiates $472.5M Sale of Multifamily Portfolio in Long Island

by Taylor Williams March 4, 2019

LONG ISLAND, N.Y. — CBRE has negotiated the sale of a portfolio of multifamily properties totaling 1,496 units across seven properties in Long Island. The portfolio fetched a sales price of $472.5 million. The buyer was Melville, N.Y.-based Fairfield Properties, which is the largest owner of multifamily properties in Long Island by volume. The seller was not disclosed, but Long Island Business News reports that the seller was Rochester, N.Y.-based Home Properties. The following properties were included in the portfolio: Westwood Village, a 242-unit community in Westbury that was built between 1969 and 1971; Heritage Square, an 80-unit asset in East Meadow that was constructed in 1951; Cambridge Village in Levittown, an 82-unit property that was completed in 1969; Yorkshire Village in Levittown, a 40-unit complex that was delivered in 1973; Mid-Island Apartments, a 232-unit project in Bay Shore that was built in 1975; Southern Meadows, a 452-unit asset in Bayport that was completed in 1970; Lake Grove Apartments, a 368-unit property in Lake Grove that was constructed in 1972 All of the properties are considered Class B assets and are located in Nassau and Suffolk counties. Fairfield will implement a value-add program that will be focused on each property’s …

March 4, 2019

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